Warba Bank Acquires New Englewood Office Asset
- Oct 18, 2017
Bentall Kennedy has completed the acquisition of a 223,000-square-foot Class A office building in Englewood, Col., on behalf of Warba Bank K.S.C.P.
“The Denver market is one that we believe very strongly in for its long-term growth prospects,” Kevin Rivest, Bentall Kennedy’s senior vice president of transactions, told Commercial Property Executive. “Bentall Kennedy and Warba Bank have honed in on a strategy to invest in high quality property with a secure income stream in a market with upside potential over the medium and long term.”
Located in close proximity to the Dry Creek Light Rail Station, the recently completed seven-story building is expected to achieve LEED Silver certification.
“This particular property was built-to-suit for a very high-quality corporate tenant on a 15-year lease, and features above standard finishes and a favorable parking ratio,” Rivest said. “Our view of this opportunity is that it offered a very desirable confluence of factors, including market quality, asset quality, and high-quality tenancy with a favorable lease duration. All of these factors combined to fit the investment profile we have established through our U.S. real estate investment partnership with Warba Bank.”
The modern design of the building features an open-concept floor plan, including column-free rectangular floor-plates, floor to ceiling windows and continuous glass lines. Amenities include a fully equipped fitness center, a large full-service café, and a large parking garage with above standard capacity. The property also offers views of the Rocky Mountains.
Developing the Partnership
According to Rivest, the property fits very well with Bentall Kennedy’s company philosophy and values. “We place a high value on sustainability; from both an asset value and tenant satisfaction perspective,” he said. “The property is situated with transit in mind, it boasts excellent access to retail amenities and housing, and the tenant is well-aligned with the knowledge based economy that is driving the U.S. economy. The Denver market is attracting a well-educated workforce from across the U.S. and globally due to its high quality of life and relative affordability, which in turn is helping fuel the job growth.”
The office building is also close by numerous retail and restaurant establishments. Given the new condition of the building, there are no plans in place for renovation or site improvements at this time.
The acquisition is the third investment that Bentall Kennedy has made as Warba Bank’s real estate investment advisor this year, increasing the firm’s growing portfolio in the U.S. real estate market. Combined, the acquisitions have totaled close to $200 million. Its first deal was the acquisition of a Class A, 280,000-square-foot office building in Milwaukee, Wis., from The Brewery Works Inc., which serves as the world headquarters for ManpowerGroup. The second acquisition was completed for a 101,299-square-foot medical office building in Portland, Ore., from The Oregon Clinic Gateway Medical Office Building LLC.
Image courtesy of Bentall Kennedy